(a) “Net transit revenues” means those revenues of the San Francisco-Oakland Bay Bridge, the San Mateo-Hayward Bridge, and the Dumbarton Bridge determined by the authority as derived from the toll increase instituted by the commission in 1977. The calculation of the amount of the net transit revenues is equal to 16 percent of the revenue generated each year from the collection of the base toll at its level in existence for the 2001–02 fiscal year on the San Francisco-Oakland Bay Bridge, the San Mateo-Hayward Bridge, and the Dumbarton Bridge.
(b) The net transit revenues are subordinate to all of the following:
(1) The obligation to pay necessary costs of toll collection operation.
(2) The obligations of the authority under any bond resolution or indenture applicable to the toll bridges issued by the authority.
(3) The obligation to repay any advances made to the department from any other source for studies and work preliminary to the financing of any toll bridge project.
(Amended by Stats. 2003, Ch. 715, Sec. 46. Effective January 1, 2004.)
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